This is a 15 month chart of Suzlon stock and there is a classic traingle formation of charts which joins red line and green line. The stock is poised for a breakout/breakdown depending on which line it breaks and gives a sustained closing above/below the line.
Possibility 1:The stock bounces back from very strong support zone of 68-66. And then breaks the upper red line( 73 level) to move head with a target of 80/85
Possibility 2: If it breaks the green support line and gives a sustained closing below 66-68 levels can target 62/58/55 on downside.
So going by the analysis we have reached to a conclusion that you can trade the stock both ways:
EITHER Buy Suzlon at current levels of 68 with a stop of 66 on closing basis. OR Sell Suzlon if it gives a sustained move below 66 with targets of 62.5/58/55. The Choice is yours.
Have a nice trading day
Regards
Ankit
No comments:
Post a Comment